Dublin lawyer Robert Bourke has launched the first worldwide online auction facility for the sale of aircrafts.
Aviation leasing companies, airlines, receivers and liquidators, as well as large corporations, will for the first time have an open and transparent online auction site to buy and sell aircrafts.
Global AVX, based in Dublin, uses a unique online platform to help achieve a fair price for the aircraft auctioned through transparency and global reach.
Enterprise Ireland has agreed to partner with the company.
A seller provides Global AVX with the necessary detail about and supporting documentation on the aircraft.
The plane is then listed on the website and a date for the auction is agreed and promoted to potential buyers throughout the world.
Interested bidders who register for the auction and submit the ceiling for the bids must provide satisfactory identification to comply with anti-money laundering and verification of proofs of funds.
Once the auction is complete, the sale can be finalised efficiently, as the necessary paperwork has been submitted in advance.
Robert Bourke said the service was attracting interest from around the world, with potential clients favouring the open and transparent, global access to aviation operators.
He plans to host four global auctions in the coming year. Promoting aircraft for sale or lease on the site is free but the company charges the seller a percentage of the sale price of aircraft.
This ranges from 0.7% up to 3% and is expected to generate €2m in the first two years of operations.
"I believe the time is right to launch Global AVX. The aviation sector is going through the biggest change in its history," Robert Bourke said.
"We will see an increase in trading, as leasing companies and liquidators will be looking to sell off aircraft. It is vital that they have a transparent, global reach to potential buyers," he said.